Category Archives: Credit Card Debt

When you get a credit card, you should be instructed on how to properly use it. Although you will be tempted to run up your balance on your credit card like I experienced. It should be saved for emergency situations.

Students in high school that are looking to start building their credit early can get high school student credit cards like I had. These credits cards can help teach the responsibilities of credit and how to manage credit early on. These types of credit cards are issued to high school students before going off to college.

**FACT: I established my credit in 2008. Can anyone tell me what happened in 2008?!

Before applying for a high school student credit card you should always look at their available options. There are a lot of banks and credit card companies to choose from, which makes it in your best interest to look around. I told you the reason I went with Wells Fargo – they have branches nationwide. Some cards will come with high APR and a high annual fee, while some are more reasonable. With high school students not having any credit, some lenders will try to charge unreasonable rates – which is reason enough to do your research and know the best deal.

It is important to build your financial intelligence at a young age. As you may already know for some – credit cards can be an ideal investment. As for others – it’s always going to be a hard lesson to learn. Although I knew what I was doing I continued to spend. It is necessary to keep yourself from buying frivolous things that you can’t afford initially! I was irresponsible, maxed out my limit and over drafted by $200, then started paying minimum payments. I relocated to a different state. I was out of work (at least work with decent pay). On top of all that I was a full-time student.

Even though I read the terms of use for my College Card I still was never taught in school about finances. I would hate to see more people fall into the ‘World of Debt’? Do not leverage over 30% of your line or ‘money borrowed’. At the end of every month, you should try to pay the whole bill, to avoid getting into debt. If you can pay the bill – it will also help boost your credit.